Green Chemicals Market Estimated to Experience a Hike in Growth by 2021-2031

 

Green Chemicals Market: Introduction

• Green chemicals, also known as bio-based chemicals, are eco-friendly and renewable substances primarily derived from bio-based raw materials related to plants, vegetables, and animals
• Key sources of these bio-chemicals include vegetable oils, animal fat, sugar and starch, bio-ethanol, corn, sugarcane, wheat, and cassava
• Unlike petroleum-based production of chemicals, bio-based chemicals are less harmful to the environment and designed to maintain the ecological balance by reducing certain environmental impact regarding recycling, disposal, transportation, installation, processing, and fabrication. The usage of green chemicals in the manufacture of products helps reduce the production of hazardous substances.

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Key Drivers and Restraints of Green Chemicals Market

Rise in adoption of green cities and green-based construction of buildings for residential, industrial, and commercial sectors across the globe is expected to boost the market during the forecast period. Volatility in oil prices across the globe and the rise in number of applications for green chemicals across industries are also fueling the market. Increase in government initiatives and encouragement for regional manufacturers to use sustainable components in the production of their products represent key driving factors of the market. However, fluctuation in prices of raw materials and high cost of production vis-à-vis petroleum-based chemicals are expected to hinder the market during the forecast period.

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Green Chemicals Market: Application Segment

• Based on application, the green chemicals market can be divided into construction, pharmaceuticals, packaging, food & beverages, paints & coatings, automotive, textile, and others
• The construction segment is anticipated to account for the major share of the global green chemicals market in the near future due to the increase in demand for green chemicals in the building & construction industry
• Market share of the textile segment has been rising owing to the increase in demand for green chemicals in the textile industry

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COVID-19 Impact on Global Green Chemicals Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• Green chemicals are used in various industries. However, the ongoing pandemic has affected industries throughout the world. Manpower shortage, logistical restrictions, material unavailability, and other restrictions have hampered the green chemicals industry.

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North America to Hold Leading Share of Green Chemicals Market

• In terms of region, the green chemicals market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• North America is expected to hold major share of the global green chemicals market, followed by Asia Pacific and Europe, during the forecast period
• Rise in demand for bio-based components in various industries and wide adoption of green chemicals in intermediate chemical production in North America are driving the market in the region
• The market in Asia Pacific is expected to expand at a rapid pace in the next few years owing to the rise in environmental concerns, rapid industrialization, and increase in government initiatives and funding in various industries

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Key Manufacturers Operating in Global Green Chemicals Market

The green chemicals market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the green chemicals market include:

• Cargill Inc.
• BASF SE
• Bio-Kleen Products, Inc.
• Balfour Beatty PLC
• DuPont Industrial
• Biosciences
• Dryvit Systems, Inc.

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